Who is consolidating student loans
Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!
Consolidating allows you to merge multiple eligible loans into a single loan.
By refinancing your student loans with Pen Fed, you will get all your loans on one plan so you don’t have a separate monthly payment for each loan.
Consolidating with Pen Fed is really just a benefit of refinancing, not a separate option.
You can consolidate your student loans through the federal website at no cost.
If you ever have a service trying to charge a fee to consolidate federal loans, that’s a scam.
If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).
If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], or mail to: Nelnet P.
You can refinance private or federal loans and you can pick and choose which loans you want to refinance.We hope this has cleared up the difference of Refinancing vs Consolidating Student Loans.Now that you know the difference, you can use this information to save on your student loans and make the right choice for you. The words consolidation and refinancing are often used interchangeably in reference to student loans.But there are key differences you need to be aware of to decide which option is best for you.